Samsung has plans to release a cheaper Galaxy Note 3 in an effort to appeal to customers on a budget. While the cheap factor might not be too interesting, the processor that is found inside within the handset is.

The Galaxy Note 3 Neo will feature an ARM-based hexa-core processor, a leaked document from GSMArena indicates, made up of two 1.7GHz cores and four 1.3GHz cores. It's Samsung's attempt at making a cheaper device with plenty of performance. The more powerful cores will handle intensive tasks, with non-demanding programs off-loaded to the smaller cores.

In addition to the new processor, the Galaxy Note 3 Neo features a 5.55-inch 720p Super AMOLED display, 8-megapixel camera, 2GB of RAM, 16GB storage, microSD slot and a 3,100 mAh battery. Android 4.3 is its software, with Samsung's custom TouchWiz on-top. Additionally, the faux-leather back seen on the Galaxy Note 3 will also be found on the cheaper version.

No pricing or release date has been tipped for the Galaxy Note 3 "Lite" - though Mobile World Congress in February sounds like a likely launch point. Earlier on Wednesday, specifications for a cheaper Galaxy Grand priced at 299 euros were also leaked.